John Lewis reveals plans to enter rental home market
John Lewis Department Store has announced plans to build 10,000 rental units over the next few years to help tackle the national housing crisis.
About 7,000 of the homes would be built on sites in John Lewis’ existing portfolio, while the rest would be on new sites.
The mainstreet pillar said he wants to have a strong social goal in the future and wants to play his part in solving the national housing crisis.
His first properties will range from studios to homes, he said.
The PA news agency understands that no existing stores will be demolished to make room for the new business.
“It will also provide a stable and long-term income for (the) partnership, new employment opportunities for our partners and contribute to our strength as a trusted brand known for its solid service. “
The new management comes after a series of murderous years for John Lewis, where he struggled to compete in a rapidly changing and increasingly online market.
John Lewis reported a pre-tax loss of £ 517million for the year ended January 30, 2021.
In March, he announced that eight stores would not reopen when the lockdown ended, putting 1,465 jobs at risk.
That brought the total number of planned closures to 16 after last fall’s announcement that eight stores would close with a potential loss of 1,300 jobs.
But he hopes to return to profit quickly through a rapid diversification program, including expanding his financial services arm and investing £ 1bn in his online business over the next five years.
In October, John Lewis was granted a conditional building permit to turn 45% of his flagship store on Oxford Street into offices for Westminster City Council.
The new developments will be complemented by a Waitrose convenience store near the entrance and a concierge service.
Future tenants could even rent their home fully furnished in John Lewis decor if they so choose, the company said.